Ripple Price Analysis: XRP Could Consolidate Before Fresh Increase
- Ripple price gained traction and settled above the $0.3030 pivot level against the US dollar.
- The price traded close to the $0.3100 resistance level and it is currently consolidating.
- There is a short term ascending channel formed with support at $0.3064 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to trade in a range above the $0.3030 and $0.3050 supports before a fresh increase.
Ripple price moved into a positive zone with bullish moves against the US Dollar and bitcoin. XRP/USD might face a strong resistance near the $0.3100 and $0.3110 levels in the short term.
Ripple Price Analysis
After a major decline towards the $0.2920 support, ripple price found a strong buying interest against the US Dollar. The XRP/USD pair started a solid upward move and broke the $0.2980 and $0.3000 resistance levels. There was even a close above the $0.3000 barrier and the 100 hourly simple moving average. Later, buyers gained traction and pushed the price above the $0.3065 and $0.3080 resistance levels. The price traded close to the $0.3100 resistance level and formed a high at $0.3099.
At the moment, the price is consolidating gains above the $0.3065 support level. The 23.6% Fib retracement level of the last wave from the $0.2955 swing low to $0.3099 high is also near $0.3065. There is also a short term ascending channel formed with support at $0.3064 on the hourly chart of the XRP/USD pair. If there is a downside break below the channel support, the price may test the next key support near the $0.3030 level.
The 50% Fib retracement level of the last wave from the $0.2955 swing low to $0.3099 high is also near the $0.3030 level. Besides, the 100 hourly simple moving average is also positioned near the $0.3030 support area. Overall, the price is trading nicely above the $0.3065 and $0.3030 support levels. In the short term, there could be range moves above the $0.3065 and $0.3030 supports before buyer’s stage for a fresh increase.
Looking at the chart, ripple price is clearly trading nicely with a bullish bias above $0.3030. On the upside, the main resistance is near the $0.3100 level. Above this, the price is likely to face a strong selling interest near the $0.3115 level. A proper close above the $0.3115 barrier is likely to open the doors for more gains towards the $0.3200 level.
Hourly MACD – The MACD for XRP/USD is about to move back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well above the 50 level, with a positive bias.
Major Support Levels – $0.3065, $0.3030 and $0.3010.
Major Resistance Levels – $0.3095, $0.3100 and $0.3115.
The post Ripple Price Analysis: XRP Could Consolidate Before Fresh Increase appeared first on NewsBTC.